Statement by the Vice President on the Inflation Reduction Act

Thanks to President Joe Biden's leadership, and the hard work of Majority Leader Schumer and Speaker Pelosi, the Inflation Reduction Act is off to the President's desk.

Because of this, we will lower the cost of prescription drugs for our seniors and reduce health insurance premiums for 13 million Americans. We will make the largest investment in our nation's history to address the climate crisis, creating good-paying, union jobs in wind, solar, and electric vehicle manufacturing. We will lower energy bills for working families and support environmental justice. And, the legislation is fully paid for by finally ensuring the wealthiest corporations pay their fair share. This is an historic achievement for our country that will directly benefit millions of Americans.

Unfortunately, not a single Republican in Congress voted for the package. Not a single Republican voted to lower the cost of prescription drugs, reduce health insurance premiums, make investments to address the climate crisis, tackle inflation, or require the wealthiest corporations to pay their fair share.

In the 18 months since President Biden and I took office, we have created nearly ten million jobs, and helped to rescue small businesses; begun upgrading our roads and bridges and removing lead pipes; and we are making sure high-speed internet is available and accessible for all Americans. There is more work to do. But it is clear our nation is moving in the right direction.

These achievements reflect the determination of the American people and the vision President Biden and I laid out at the beginning of our Administration to take on the challenges of today and build a strong, prosperous future for America.